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Yellow | Central States Pension Fund Benefit Reduction Letter!
- Thread starter Jeff
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The time for crying is OVER! The time for action is NOW! We can't blame the Pension Fund or the Union, we can blame CONGRESS for getting rid of the anti-cutback rule on accrued benefits when they sneakily passed the MPRA of 2014 in December of last year! We need to call our Congressmen and Senators and tell them to support KOPPA NOW! Let's tack KOPPA on to the next stopgap spending Bill that Congress will pass in about 9 weeks to keep the government from shutting down. Let's do it in the middle of the night so these Congressmen and Senators don't have to explain it to the 1% that KOPPA will affect. FIGHT THE POWER!
Please explain how KOPPA helps active members. It seems that if nothing is done the fund will go broke. Active members will be left with PBGC which is less than the proposed cuts. Thank you.
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bigtruk_us
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It's a bad deal.Congress totally passed on to the retirees what Congress failed to do.That is to keep the PBCG totally funded and in the black.
Your post nailed it. Congress created the PBGC underfunding mess by not raising the MEPF per capita contribution rate years ago like they did for the SEPFs. Congress felt that the MEPFs were less likely to fail.
Congress passed the bankruptcy laws that placed pension liability at the bottom of the company's unsecured creditors lists.
Congress (the Kline Miller committee) accepted NCCMP's plan of solutions not bailouts and lobbying money and took the easy way out of protecting the PBGC.
Congress gave UPS a $2 billion exemption from it's contractual obligation to the CSPF and placed that extra burden on the so called orphans.
The MPRA of 2014 was bought and paid for by the NCCMP and it's spokesman Nyhan.
How is that the PGBC is lacking, made into CSPF being only 1/3rd funded! The PGBC is underfunded, yes. But CSPF is broke all by itself without any help...
Wasn't it Congress under the consent decree that put the management of CSPF investments into the hands of the greedy Wall St. firms? How much in commissions did they make while losing billions of CSPF money in high risk investments?
Not disputing that. Has nothing at all to do with PGBC, which was his post, and your 'like'.
Read my response. I said CSPF went broke on their own..
So you think that it was CSPF's fault that Wall St trades lost billions on high risk high commissioned investments. That it was CSPF's fault that by law it couldn't overfund the pension plan during the boom years.
Now, Now, Now, Jimmy G. Stop and think about this. I worked for three good regional companies and broke all three. Making them Orphan companies and the I went too the Central States Pension fund and look what is happening to them. Yes they did have some help to go broke. It was me. I am an Orphan, an 100% Orphan and Damn proud of it. I am the one to hold to blame for the problem. If you do not believe me, ask Zollars, he started all of this talk about Orphans.
But every one is using the PBCG as the excuse for why the CSPF must make the cuts now because what they insist will happen 10 years....or is it 15 years??? down the road. One good plaque solves the problem Jimmy.
Not talking about our pension. Bart said PGBC. Totally different. Unless you worked for the government too???Now, Now, Now, Jimmy G. Stop and think about this. I worked for three good regional companies and broke all three. Making them Orphan companies and the I went too the Central States Pension fund and look what is happening to them. Yes they did have some help to go broke. It was me. I am an Orphan, an 100% Orphan and Damn proud of it. I am the one to hold to blame for the problem. If you do not believe me, ask Zollars, he started all of this talk about Orphans.
The pension needs cut because there are 409,000 people and its funded for less than 200,000.
The second, I agree with you. The first I don't. However, then...why is Central states broke, and Western not? We did it to ourselves.
Now- to my question: how, logically- can the PGBC not having enough money have anything at all to be blamed for CSPF being underfunded? It doesn't. Underfunding PGBC is Government controlled, CSPF was privately controlled.
Pardon my ignorance but I still can't understand your logic. The trustees of the Western States had control of their investments. CSPFs under the federal consent decree didn't have control of the investments and the funds lost billions while still paying huge brokerage commissions. Now if I have that right then how can it be the CSPF trustees fault? Please help me to understand what I'm missing here?
I disagree that it needs to be cut now, my story and I'm sticking with it.
Bingo
